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作者：Huck, Steffen; Konrad, Kai A.; Mueller, Wieland; Normann, Hans-Theo
作者单位：University of London; University College London; Free University of Berlin; Free University of Berlin; Tilburg University; University of London; Royal Holloway University London
摘要：We study the merger paradox, a relative of Harsanyi's bargaining paradox, in an experiment. We examine bilateral mergers in experimental Cournot markets with initially three or four firms. Standard Cournot-Nash equilibrium predicts total outputs well. However, merged firms produce significantly more output than their competitors. As a result, mergers are not unprofitable. By analysing control treatments, we provide an explanation for these results based on the notion of aspiration levels, and ...
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作者：Aktas, Nihat; de Bodt, Eric; Roll, Richard
作者单位：Universite Catholique Louvain; Universite Catholique Louvain; University of California System; University of California Los Angeles
摘要：Why do regulatory authorities scrutinise mergers and acquisitions? The authorities themselves claim to be combating monopoly power and protecting consumers. But the last two decades of empirical research has found little supporting evidence for such motives. An alternative is that M&A regulation is actually designed to protect privileged firms. We provide a test of protectionism by studying whether European regulatory intervention is more likely when European firms are harmed by increased comp...
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作者：Schultz, Christian
作者单位：University of Copenhagen
摘要：The article investigates strategic, informative campaigning by two parties when politics concern redistribution. Voters are uncertain about whether parties favour special groups. Parties will target campaigns on groups where most votes are gained by informing about policies. In equilibrium, campaigning will be most intensive in groups where the uncertainty is largest and where voters are most mobile, most likely to vote, most receptive to campaigns and relatively uninformed initially. These gr...
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作者：Machin, Stephen; McNally, Sandra; Silva, Olmo
作者单位：University of London; University College London; University of London; London School Economics & Political Science; European University Institute
摘要：Despite its high relevance to current policy debates, estimating the causal effect of Information and Communication Technology (ICT) investment on educational standards remains fraught with difficulties. We exploit a change in the rules governing ICT funding across different school districts of England to devise an Instrumental Variable strategy to identify the causal impact of ICT expenditure on pupil outcomes. The approach identifies the effect of being a 'winner' or a 'loser' in the new sys...
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作者：Charness, Gary; Levine, David I.
作者单位：University of California System; University of California Santa Barbara; University of California System; University of California Berkeley
摘要：Do people care about intentions - even when good intentions do not produce good results? In our experiments we find that rates of punishment and reward react strongly to intentions (the wage a firm decides to pay) and more modestly to distributional outcomes (the higher or lower wage actually received including the stochastic component). For example, workers who end up receiving medium wages respond much more positively when this resulted from the firm offering a high wage but bad luck lowered...
